They are an excellent solution for the self-employed who may be able to deduct this expense, and also for those who do not have access to an employee benefits program.

Coverage is available in modules that range from basic to enhanced, plus optional add-ons for eyewear, paramedical specialists (RMT, chiro, physio) and out-of-country travel medical insurance.

Some plans require completion of a medical questionnaire in order to qualify, and pre-existing expenses (such as an existing prescription) are often excluded from coverage.

Premiums are based on your age and how many people will be covered; insurers reserve the right to adjust premiums each year for their product.

If you are looking for coverage after losing your employer plan, make sure you apply within 60 days of leaving the old plan to take advantage of the special products that allow medical evidence free applications.

Disability Insurance

Disability Insurance provides a monthly income in the event you become unable to work, due to an injury, illness or accident.

Your earning power is your most valuable asset. If your income suddenly stopped because of an illness or a disability, where would the money come from?

That's why this type of coverage is especially important for the self-employed and for those who do not have a group disability plan through their employer.

Many people aren't sure about what type of disability insurance they have in place. A good place to start is to get a copy of your employee benefits booklet and bank policy if applicable. Keep in mind that government disability plans are very limited in scope and coverage amounts.

Pricing for disability insurance is based on several factors, including your age, gender, smoking status, amount and type of coverage selected, and your occupation.

For businesses with two or more employees in a class to be insured (ie: managers, or executives), a wage loss replacement plan or group plan with deductible premiums can be arranged.

Health Trusts and PHSPs

A PHSP, also called a Health Trust, is a CRA approved plan that allows self-employed individuals and businesses to tax-deduct their health and dental expenses in a straightfoward and cost efficient manner.

Health Trusts are designed to provide employees with a tax free benefit for medical expenses they incur, paid for by their employer. That employer is permitted to deduct the full amount as an operating expense.

The premiums paid to a PHSP by an employer are business expenses deductible against business income. Claims paid are non-taxable benefits to the employees.

Here is a sampling of what can be claimed using a PHSP or Health Trust:

Very commonly, clients submit prescription drug, dental and medical specialist (such as massage, chiro and phsyio) claims into their Trusts.

There is a one-time set up fee that ranges based on the supplier from $200 to $400. There are no premiums and the only additional cost is a 10% administration fee (plus applicable taxes) on the actual expenses put through the plan.

For corporations, the employer sets an annual coverage for each class of employee (for example: $3,000 per year for managers, $1,500 for other full-time employees, and $200 for part-time employees). For sole-proprietors, there is a $1,500 annual coverage limit (plus $1,500 for their spouse, and $750 per dependent child).

Claims can be funded in two ways. The trust can be prefunded on a monthly basis. The second method (particularly for self-employed persons) is to pay for the expense and submit it to the trust for reimbursement on an as needed basis.

Critical Illness Insurance

Being diagnosed with a critical illness is not something that people like to think about. Perhaps you know someone who was recently faced with this situation, and saw firsthand the stresses of finding and receiving medical care, and paying the bills while recuperating.

Critical Illness insurance was first conceived by a surgeon who had seen patients struggling with medical bills, and today it is available from many top Canadian insurers. This type of coverage is for those who take great care of themselves and have above average health.

Your coverage benefit is paid out in a lump sum, tax-free in the event you are diagnosed with a covered condition and survive for a minimum period. The money can be used to pay a mortgage, take time off work, or for medical care. It’s completely up to you.

The most common types of claims in Canada are for cancer, heart attack, and stroke, but most plans offer coverage of over 22 illnesses, which can also include Alzheimer’s, multiple sclerosis, and Parkinson's.

An optional refund guarantee called Return of Premiums means your money can be returned if no claims are made.

For a free insurance needs analysis and comprehensive comparison of top insurer pricing, please call us at 604.872.2866 or email info@truebenefits.ca or request a quote here.

Life Insurance

To put it simply, life insurance provides a tax free death benefit to insured person's beneficiaries. It is available in three main forms:

Term Life Insurance: provides guaranteed rates and coverage, with prices renewing depending on the term selected, most commonly every 10 or 20 years (known as Term 10 or Term 20). This is a cost effective coverage type, and is often used to protect mortgages. The plan you select should be renewable and convertible, so that in the future you have the option to change your coverage to a permanent Whole Life or Universal Life plan as your needs change.

Whole Life Insurance: provides permanent protection with guaranteed level premiums and death benefit. This type of coverage can gain cash values the longer the policy is in force. This coverage is excellent for those who know they would like lifetime protection and are willing to spend more than for Term Insurance.

Universal Life Insurance: provides permanent protection, along with the option to invest in a tax sheltered environment by over-funding the policy. This coverage is well suited for those who are concerned about estate preservation and estate planning.

For those who may not be insurable, or who have been declined for life insurance coverage in the past, there are Guaranteed Issue Insurance plans which may be able to provide life insurance coverage without medical evidence.

Mortgage Insurance

Just bought a home or renewed your mortgage? You've probably given a lot of thought about how to provide for your loved ones with the right insurance.

If you want to protect your family with life or critical illness insurance, make sure it’s with an individual policy and not through the bank. Here’s why:

#1. The right to choose your own beneficiary; with bank insurance, the bank is the beneficiary.

#2. Coverage is portable and you are the owner. If you move, your insurance moves with you, and there's no need to reapply.

#3. Lock in your rates with guaranteed pricing and coverage. With a bank plan, your coverage and rates may not be guaranteed.

We're often able to save our clients money, usually between 10% and 30%, over their bank insurance with individual life, disability and critical illness coverage.

Every client receives a customized insurance needs analysis report that gives a personalized picture of what type and how much coverage they need. Our recommendations are prepared based on a full market survey of top Canadian carrier rates and products. We shop the market on your behalf.

Please give us a call at 604.872.2866 or email info@truebenefits.ca for more information. You can also get started right away by requesting a quote here.

Employee Benefits

Our clients care deeply about their employees, and are recognized for providing some of the most creative and sought after benefits plans available for Vancouver businesses.

We work with each client as a trusted advisor, to create a customized benefits solution, and provide exemplary ongoing customer service.

For small businesses, it may be beneficial to consider a fully pooled benefits plan which will provide rate stability and flexible design options.

Benefits Plans

True Benefits can help you find the best employee benefits plan.

We have access to over 25 insurers.

Clients Say:

"Rachel is professional, courteous and very knowledgeable while providing outstanding customer service. She is well prepared, delivers personal service, and understands our desire to provide the best possible benefit plan to our employees in the most cost effective manner."

Anne, HR Manager

"I appreciate having a person who is both local and accessible, and was impressed with the initial presentation outlining the options available to us. It is extremely helpful to have Rachel advocating on our behalf."

Sarah, Business Owner

"True Benefits has totally met our needs. Rachel gives personalized attention, and is very thorough. She has suggested many good ideas that we have used to benefit our employees."

Vicki, Controller

"I have referred many clients to Rachel in the past, and without exception, they have all commented to me on her professionalism, vast industry knowledge, great service, and fast response time."

Rowan

Thank you for everything that you have done for our family. We are grateful for all your hard work. We look forward to working with you again in the future.

Laurin

"True Benefits has an understanding and awareness of the importance of an effective benefits program. They're proactive in looking for cost effective improvements to plan design and cost containment strategies. My expectations were exceeded - Rachel delivered as promised in a timely manner."

Norrey, CFO

"Thank you Rachel. Great service as always. You anticipated our needs."

Pam, HR Director

I used True Benefits to sort through a tricky health insurance issue related to immigration status and an expired work permit. Rachel recommended a cost effective solution and quickly verified the policy was the best choice for my situation. My new health coverage was effective within 2 hours of my initial call to Rachel! I highly recommend working with Rachel at True Benefits for cost effective solutions and friendly and efficient service.

Mike

Your attention to detail and willingness to never to never take "no" for an answer on my behalf left me in awe of your business ethics.

I will continue to use your services, based on your work ethic and my ability to trust that the policy you are suggesting is perfect for me.